EthereumProviding Liquidity
Deposit USDC and USDT once and hold a share of the pool. Your capital earns lending yield while it waits and swap fees while it works — no staking, no harvesting, no positions to manage.
What happens to your deposit
Your tokens join the pool's inventory, which rests in curated lending vaults (Steakhouse vaults on Morpho) whenever no trade is in flight. Each swap borrows the inventory for the length of one transaction and returns it. You don't hold a price range or an NFT — you hold shares: a simple proportional claim on everything the pool owns.
Depositing
Deposits go in as both tokens at the pool's current ratio — the positions page asks for your USDC amount and derives the USDT side automatically. Before anything touches your wallet, the app previews the exact amounts from the contract, bounds them with your slippage setting and a 10-minute deadline, and simulates the transaction. If the pool ratio moves past your bound while you're signing, the deposit reverts instead of overcharging you.
What you earn
Two streams, on the same dollar:
- Vault yield — accrues continuously whether or not anyone trades. This is the durable leg.
- Swap fees — earned on every trade, so this leg scales with volume and varies day to day.
There's no claim button: your shares simply redeem for more over time. The pool page shows the live split between the two legs.
Withdrawing
Withdrawals burn shares for both tokens, proportional to the pool at that moment, with your own minimums enforced onchain. Rounding always favors the pool by a hair — a deposit-withdraw round trip can never profit — and exits stay open even when swapping is paused. Some pools add a short lock after each deposit to prevent single-block fee sniping; when one is active, the positions page shows a countdown.
Reading your position
The position card's value and redeemable amounts come from the contract's own preview — the app cross-checks its local math against the contract on every render and shows the contract's answer. PnL is measured against your actual deposit and withdrawal history, not an estimate.
What can drag on yield
- Idle claims. Tokens arriving from swaps wait one cycle before reaching the vault, earning nothing in the meantime. Under sustained one-way flow this slice grows; the pool page badges it so you can see the drag rather than wonder about it.
- Vault throttling. If a lending vault temporarily limits withdrawals, the pool quotes less liquidity to traders. Your claim on the assets is unaffected — share math uses the pool's total assets, not what's withdrawable this block.